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The Obama administration is open to any possible reform of the U.S. tax code “that’s going to simplify, make it more efficient and generate revenue,” top White House economist Austan Goolsbee said Thursday.
Goolsbee was speaking to a YouTube roundtable two days after President Barack Obama said in his State of the Union address that he wanted to pursue ideas for tax reform.
Treasury Secretary Timothy Geithner speaks at the Johns Hopkins School of Advanced International Studies on Jan. 12, 2011. (Tim Sloan/AFP/Getty Images)
The Obama administration is exploring ways to boost tax incentives for corporate investment in the United States, Treasury Secretary Timothy Geithner said Wednesday, ahead of his meeting with chief financial officers from some of America’s biggest companies.
“We’re examining whether we can find political support for a comprehensive tax reform — revenue neutral — but that would improve incentives for investing in the United States,” Geithner said in comments after a speech at Johns Hopkins University’s School of Advanced International Studies.
Geithner is expected to meet with CFOs of major U.S. companies including Microsoft Corp and Cisco Systems on Friday to hash out ideas for simplifying and trimming the corporate tax — nearly the highest in the industrialized world. Get the full story »
Democrats in the U.S. House of Representatives are considering a counterproposal to the one drafted by President Barack Obama and Republicans to extend all Bush-era tax cuts, Democratic Representative Adam Schiff said on Thursday. Get the full story »
From the Wall Street Journal | Congress’ delay in voting on 2011 income taxes could wind up taking a bigger bite out of worker’s paychecks if the Treasury doesn’t have enough time to figure out the tax-withholding tables.
